E91: SoftBank's $21B+ Vision Fund loss, signals of a bubble, macro picture, Trump raided by FBI

**Chamath Palihapitiya** (0:00)
How mad is Sacks going to get when he sees my button situation today?

**Jason Calacanis** (0:03)
I'm going to join you. Chamath, how are you doing?

**Chamath Palihapitiya** (0:05)
Oh my God. Look at the collar situation. Look at the button situation. Look at that. Oh, this is fantastic. Oh, hey, besties.

**Jason Calacanis** (0:14)
I just got off the lake.

**Chamath Palihapitiya** (0:15)
Where the lake?

**Jason Calacanis** (0:16)
I just got off the lake. Yeah, I was just on the lake with the boat.

**David Friedberg** (0:19)
Lake Cuomo, where were you?

**Jason Calacanis** (0:21)
I was doing a little wakeboarding in Tahoe. Yeah, just a little wakeboarding, me and Sacks.

**Chamath Palihapitiya** (0:24)
Me and Nat took all five kids and we navigated the entire island of Sardinia. For eight days.

**Jason Calacanis** (0:30)
Amazing. And when you say we navigated, you mean the crew navigated and you ate seafood.
Alright everybody, welcome to episode 91 Episode 91 of the All In Podcast. Yeah, we're still here.
Lots of news to discuss this week with me, of course, to chop it up from his deposition room, the war room, the Rain Man himself, David Sacks. How are you doing, brother? Good. Big week for you?

**David Sacks** (1:13)
They're all big weeks.

**Jason Calacanis** (1:14)
They're all big weeks. You look tired.

**David Sacks** (1:17)
We're recording pretty early today.

**Jason Calacanis** (1:19)
It's a little exhausting.

**David Sacks** (1:20)
You actually look really tired.

**Jason Calacanis** (1:21)
What are you talking about? I just got off the lake. I feel fresh. I was just wakeboarding this morning on Lake Tahoe.
I feel refreshed. I'm refreshed.
And of course, in front of his $9 clip art that he blew up on easyprince.org, the Sultan of Science himself, David Friedberg. How are you, sir?

**David Friedberg** (1:38)
Always great to be with you, J. Cal.

**Jason Calacanis** (1:40)
Are you working?

**David Friedberg** (1:41)
It boosts my self-esteem and my morale to be with you every morning that we get to connect over Zoom.

**Jason Calacanis** (1:46)
Well, I'm glad that your performance has been stratospheric the last three weeks. You're going on a hot streak. Let's see if you can continue it on Episode 91 And missing many buttons this week.
We've got at least a three or four button August going. How are you doing, Dictator, from your island, the remote island? Did you, you invaded an island?

**Chamath Palihapitiya** (2:08)
Markets go up another 5% and one more button comes undone. Oh, I love it.

**Jason Calacanis** (2:12)
So this is 20% up and we can go to 25?

**Chamath Palihapitiya** (2:15)
That's a bull shirt. Daddy's back.

**David Friedberg** (2:17)
The more bullish he gets on the market, the more he on buttons.

**Chamath Palihapitiya** (2:19)
Daddy's back.

**Jason Calacanis** (2:20)
Are the low rise jeans on right now or are you wearing shorts? What are you wearing? Show us those stick legs.

**Chamath Palihapitiya** (2:25)
I'm wearing these beautiful linen shorts.

**David Friedberg** (2:27)
Can you stand up and show us?

**Jason Calacanis** (2:28)
Yeah, come on, give us a 360 Come on. Let's see what's going on here.

**Chamath Palihapitiya** (2:31)
Look, but these are the most beautiful linen.

**David Friedberg** (2:34)
Inner thigh, inner thigh.

**Jason Calacanis** (2:36)
That's a little too much thigh.

**David Friedberg** (2:37)
Yeah.

**Jason Calacanis** (2:37)
That's like a chicken wing.

**Chamath Palihapitiya** (2:38)
You guys like this?

**David Friedberg** (2:39)
They look tight too.

**Jason Calacanis** (2:41)
Very tight. Are you?

**David Friedberg** (2:42)
Yeah, those are definitely yours.

**Jason Calacanis** (2:44)
Are you wearing like a children's size or something? Is that a junior size?

**Chamath Palihapitiya** (2:47)
I like, you know, I like the tighter sizes. You do? I do like the tighter sizes. I think they fit my body type.

**David Friedberg** (2:54)
Accentuate all the little bumps and nodules.

**Jason Calacanis** (2:58)
Too much information. All right. Let's start with, there's a lot to talk about this week.
I think one of the most interesting things last week, we were talking about it in the group chat that doesn't exist.
Vision Funds $21 billion investment loss for the quarter. Masayoshi San did a really great YouTube video. I sent it around. Did any of you guys watch the video?

**David Friedberg** (3:19)
Yes. No.

**Jason Calacanis** (3:21)
It's really interesting to watch. We'll put it in the show notes.

**David Friedberg** (3:23)
It's like a six-minute interview he put on his earnings page, right? Like, right when they put out quarterly earnings, he's like, here's my interview.

**Jason Calacanis** (3:30)
Yeah. He comes to a podium and basically talks about the Vision Fund. Obviously, if people don't know, the Vision Fund won was $100 billion, largest venture fund ever raised.